Item 1. Legal Proceedings
ITEM 1.
LEGAL PROCEEDINGS
As previously disclosed,
on August 21, 2020, IPS was named a third-party defendant in a patent dispute claim in the U.S. District Court for the Eastern District
of New York. The complaint, which contains no specific amount of monetary damages, asserts that certain intellectual property was misappropriated
by IPS and one of its former employees. In October 2021, the Court ruled that the misappropriation claim was invalid. The remaining
allegation was that IPS breached a non-disclosure agreement with a party to the case. In January 2022, all claims in this matter were
dismissed without prejudice.
From time to time, the Company
may become a party to other legal actions or proceedings in the ordinary course of its business. At December 31, 2021, there were no such
actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s interests, the Company
believes would be material to its operation or cash flow.
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